Police & Fire Pension

POLICE & FIRE PENSION BOARD MEETING DATE: JANUARY 27, 2025 CITY HALL, ROOM 302A TIME: 1:30 P.M. Present: Stan Chubinski, Jake Martin, Josita Todd, and Tammy Wolfersberger. Also Present: Lily Vardell (Police & Fire Pension Administrator) and Aaron Kuhn (Revenue Services Director.) Chair Chubinski asked for approval of the agenda. Motion Todd, seconded by Wolfersberger. On a voice vote, motion carried. Presented minutes of the regular meeting from December 19, 2024. Motion Wolfersberger, seconded by Todd to approve the regular meeting minutes from December 19, 2024. On a voice vote, motion carried. Bank Summary of Assets & Expense Reports for December: As of 12/31/2024, the market value of the portfolio was $191,122,068.37 a loss of $6,286,728.08 from the 11/30/2024 balance. For the month of December, the following expenses were deducted: Expense Type Payee Amount Frequency Additional Details Actuarial Services Fee Gabriel Roeder Smith & Co. 12,900.00 Annually Annual Actuarial Report FY24 Cash Management Fees Loomis 118.00 Monthly 10/31/24‐11/30/24 Cash Management Fees Comerica Bank 171.12 Monthly 10/31/24‐11/30/24 Misc Fees Comerica Bank 10.00 As Needed x1 Class Action Handling Fee Total Admin. Fees 13,199.12 Motion Martin, seconded by Todd to accept the financial reports and quarterly bank summaries submitted for December. On a voice vote, motion carried. Board Reports Chubinski – none Martin – none Rabbitt – absent Todd – none Wolfersberger – none pg. 1 Vardell –  Three new police officers hired on 12/18/24: o Mark Barber o Keon Brown o Ryan Robinson  James Martens, Police Lieutenant, entered the DROP effective 2/2/25.  Chad Fickle, Police Sergeant, has submitted his application to retire effective 1/31/25. He will have 25 years and 1 day of service.  One resolution needs approval: JOSEPH SHANKS, FIREFIGHTER – RETIREMENT WHEREAS, the Board of Trustees is in receipt of an application for retirement from Joseph A. Shanks requesting an effective retirement date of 11/24/24, and WHEREAS, Joseph A. Shanks is eligible for retirement based on his service credit pursuant to Act 345 of the Public Acts of 1937, as amended, and retirement provisions of the union contract, and WHEREAS, the final actuarial calculation was received and, WHEREAS, Joseph A. Shanks elected straight life with 60% surviving spouse benefit, therefore be it RESOLVED, that the application of Joseph A. Shanks for retirement is approved, and RESOLVED, the retirement benefit for Joseph A. Shanks shall commence as of 11/24/24, and RESOLVED, the gross monthly benefit is $5,664.05 subject to tax withholdings and any other elective deductions, and RESOLVED, the gross retroactive payment of $6,985.66 for 7 days in November and 31 days in December was paid on 1/1/25 and the regular gross monthly benefit shall begin 2/1/25. Motion Martin, seconded by Wolfersberger to approve the retirement resolution for Joseph Shanks. On a voice vote, motion carried. New Business  Six‐month budget review. o The Board reviewed the Fiscal Year 2025 budget versus actual revenues/expenses for the first six months of the year (7/1/24‐12/31/24.) No changes were made to the budget.  CAPTRUST: CAPTRUST was not present at the Board meeting, but Jeremy Tollas and Justin Cohen did provide the documentation for an investment update as of 12/31/24: o For the month of December, the beginning market value of the portfolio was $197,847,256, with an ending value of $191,543,766. pg. 2  o Calendar year‐to‐date, the beginning market value of the portfolio was $174,831,887, with an ending value of $191,543,766. o As of 1/23/25, the market value of the portfolio was $197,368,475. Public Comment ‐ none Next regular meeting: Monday, March 3rd at 1:30pm. Meeting adjourned at 1:42pm Respectfully submitted, Lily Vardell, Recording Secretary __________________________________ __________________________________ Board Member signature Board Member signature pg. 3